| 28 Jul 2010 |
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Emaar MGF to launch luxury homes in India
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A host of Indian property developers including Emaar MGF (a joint venture between Emaar PropertiesEmaar Properties
and India's MGF Development), DLF, Unitech, and Ansal API are gearing up to launch plush housing projects in India over the next six months, where a single unit costs upwards of Rs 2 crore ($427,124), Indian daily 'The Economic Times' said on Tuesday."Now that the job market is looking up, consumers are once again regaining the confidence to put money in swank projects," the daily quoted Shravan Gupta, Executive Vice-Chairman and Managing Director of Emaar MGF as saying.
After Indian realtors focused on the affordable housing space, where demand remained reasonable when market prices crashed two years ago, they are now launching luxury homes as the segment is witnessing early signals of an upswing in demand.
Luxury homes target high net worth individuals and their price range varies from city to city.
As per estimates of Cushman & Wakefield, more than 8,000 residential units in the luxury segment are expected to be ready by 2013.
The total supply expected this year will be 85,000 units of which about 14 per cent will be luxury projects, the paper said.
By Sunil Kumar Singh
© Emirates Business 24/7 2010
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